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Real Estate: Greentown China Names New Vice Chairman
Hangzhou-based real estate developer Greentown China Holdings Limited (3900.HK) has named Luo Zhaoming as vice chairman of the company's Beijing business, reports China Real Estate Business quoting confirmation from Greentown Vice President Qiu Jianping. Greentown China has purchased all the equity of a real estate company founded by Luo with cash and shares, and the deal places Luo among Greentown China's five largest shareholders, said an unnamed investment industry insider. The insider did not disclose how much cash or stake Luo gained from the deal.
Greentown China told JLM Pacific Epoch that Luo will serve as an executive of its wholly owned subsidiary Greentown Real Estate, which is not directly related to the listed parent company.
Luo formerly served as managing director of real estate developer Beijing Science Park Development, was the first general manager of Shimao Property Holdings (813.HK) and founded HKI Properties. Luo left HKI Properties in late 2005 and later established Laifu Construction, which partnered with Sino-Ocean Land Holdings Limited (3377.HK) to purchase two plots of land in Hangzhou for RMB 2.26 billion and 4.3 billion in late 2007, said the report. Luo obtained 30% of the properties' equity, the report said.
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